The IRS Audit Blog

Posts Tagged ‘irs rules on gifts’

Question: IRS rules say I am an employee, no deductions from my check, do I file 1040-C?

My employer does not deduct anything from my pay check. I will receive a 1099-mis with pay in box 7. Do I file 1040-C and 1040-SE, and can I contribute to a standard IRA? IRS rules say I am not an independent contractor. My employer’s clients direct my actions.

Answer: You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html

IRS Requires Firms to Report Iffy Tax Breaks

IRS requires corporations to report aggressive use of tax breaks that might not pass muster Internal Revenue Service – Corporation – Tax – Business – Accounting

Tax Help : IRS Rules for Filing an Offer in Compromise